Meanwhile, the bank is expected to apologize for the failures in a US Senate hearing.
In an internal memo, HSBC chief executive Stuart Gulliver stated, "Between 2004 and 2010, our anti-money laundering controls should have been stronger and more effective and we failed to spot and deal with unacceptable behavior."
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The memo is also said to indicate that the bank intends to raise spending on compliance from US$200 million in 2010 to US$400 million.
Additionally, analysts believe that HSBC may be fined to the tune of US$1 billion.
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